You may have heard the news already but in case you haven’t, then here’s something to mull over: Microsoft is discontinuing the sale of their popular financial software product, Microsoft Money, by the end of this month (June 2009). It’s the close of an era: R.I.P. Microsoft Money. The reason for this decision is obvious. Microsoft Money could no longer compete with the likes of online banks , online brokers , free personal finance tools, sites and other desktop personal financial software products. There are just too many strong products out there using better technology that are becoming available for free. We should continue to expect a lot of changes in the personal finance landscape with the proliferation of newer, more relevant products and slicker tools. Here are the Microsoft products to be discontinued: Microsoft Money Essentials Microsoft Money Plus Deluxe Microsoft Money Plus Premium Microsoft Money Plus Home & Business You can check out Microsoft’s announcement for more details. If you’re an MS Money user, you’ll probably soon be hearing from (or about) software companies that are hoping to swoop in and snag your business. If you’re interested in replacing MS Money, check out the following alternatives: Budgeting Tools and Software Products For Your Desktop Excel Spreadsheets: If you aren’t an Excel user, could it be because you’ve deliberately decided that spreadsheets are just too much of a bear to use? But it may be time to revisit how Excel works. I personally use this tool for my financial management needs. While it’s the most basic tool out there for your money (some desktop products are actually based on it), it’s also the most flexible one you’ll probably ever come across. You Need A Budget: I’ve covered the YNAB tools to some extent before — just check out my review of YNAB (You Need A Budget) . YNAB Basic and YNAB Pro are highly rated desktop budgeting tools which incorporate a methodology that strongly encourages you to stop living paycheck to paycheck. The product enforces a strategy that allows you to create a savings buffer while you budget. You can check out more details here. Quicken: This software is probably the best known alternative to Microsoft Money. On occasion, there’s a Quicken software discount offered on Intuit’s products that range from $20 to $50 off (depending on the product). The latest sales promotion will become available from June 15 to June 28 when you’ll be able to receive the aforementioned discounts. Quicken products include Quicken Deluxe, Premier, Home and Business, and Rental Property Manager, which you can pick up here. iBank: From IGG Software, we have this financial management software application for the Mac. The full version costs $59.99 and the software comes with a 30 day guarantee. It has some interesting features, including the ability to sync up your data with your iPhone, and the ability to manage your loans and investments. It’s also compatible with tax applications, allowing you to export your tax records to software like TurboTax. Moneydance: Here’s another software product that you can download. It appears to do the standard stuff that other products do, but there’s one thing that stands out about this application: the fact that it’s open source financial software that runs on a lot of software platforms such as the Mac, Windows, Linux and various Unix operating systems. Moneydance is also one of the fewer products that can support multiple languages and currencies. The downside? I haven’t tried it myself, but I’ve read that it comes with less features (bells and whistles) than more popular products of its kind. Could simplicity be a good thing? It’s available for $39.99 as of this writing. What About The Free Financial Tools? For your money management needs, there’s also the free online stuff that you can blame for the demise of Microsoft’s money software. So what are some of the buzzworthy online personal financial tools out there? Quicken Online: We’ve already discussed Quicken desktop products, but if you’re looking for an Intuit product that’s available at no cost, then try out Quicken’s free online version . Mint.com: This online personal finance tool is one of the most recognized in its space. I’ve actually covered them a little bit on this blog. Find out how Mint stacks up to similar tools in the following articles: Mint vs Thrive and Mint vs Wesabe . Wesabe: This is another great money management tool that comes with a highly regarded online community. They’ve got some cool forums too. Thrive: With this tool, you’ll be able to do the basics: make a budget, manage your spending, manage your savings, plan for your future and get a credit score. Check out my Mint vs Thrive post for more insights. moneyStrands: Yet another financial site to help you set up a budget, control your spending, and start saving… you get the picture. I’m sure there’s more where this came from. This must be just the tip of the iceberg. Any more software products and tools you know about? We’d love to hear about it! Image from Life with Linda . Budgeting Tools and Software Products for Microsoft Money Users
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